Bank of England: No UK interest rate rise under present conditions until 2017 November 5, 2015 If global market conditions remain as they are we are unlikely to see an interest rate rise in the UK until spring 2017, according to the latest inflation report from the Bank of England (BoE). The pound fell sharply on the news, and at pixel time was trading at 1.526 against the dollar. The BoE said since the [...]
Facebook director Marc Andressen offloads $32m of shares ahead of results November 4, 2015 Facebook board member and serial tech investor Marc Andressen has sold off 300,000 Facebook shares valued at $32m (£20m) ahead of the social media giant’s latest quarterly results. The move has sparked concerns that Andressen has a negative outlook on the value of Facebook stock. The 11-year old company is expected to report strong third-quarter [...]
European companies increase alternative finance funding November 4, 2015 An increasing amount of companies in Europe are turning to alternative finance, with around a third of funding now coming from private debt funds; asset managers; peer-to-peer lending, and crowdsourced funding. According to research from law firm Allen and Overy almost half of corporates (48%) expect their use of alternative finance to increase over the next five years. [...]
Swiss bank UBS lowers profit guidance and pushes back targets November 3, 2015 Swiss bank UBS has warned that tougher regulation in Europe as well as a slowing global economy is going to weigh on profits over coming years. Despite stronger third quarter results than many of its European and US rivals, the bank's share price dropped by five per cent on the news. Net profit at the bank [...]
SMEs take a hit on foreign exchange charges November 2, 2015 International payments could be taking their toll on small and medium sized businesses (SMEs) in the UK to the tune of £110m each year. Figures from foreign exchange company Moneycorp show SMEs are not efficiently managing currency risk, which is weighing on exports. Andy Reid, managing director of global payments at Moneycorp, said: “Currencies around [...]
UK export sales drop to six-year low and risk going into reverse – BCC and DHL November 2, 2015 Export sales have fallen to their lowest levels in six years according to the British Chambers of Commerce (BCC) and logistics company DHL. London saw its trade performance drop by 7.8 per cent over the previous quarter, while Wales recorded the largest decline, of 13.3 per cent. Scotland was the only part of the UK [...]
Islamic finance global market soars 12 per cent in last year to £1.3trn November 2, 2015 The global market for Islamic finance has soared by 12 per cent over the last 12 months to $2thn (£1.3trn), according to a report by TheCityUK. The alternative finance industry, which eschews traditional interest on loans, is predicted to hit $3trn by 2018. This is down to growing demand in emerging markets. Chris Cummings, chief [...]
Volkswagen emissions scandal hits sales in France November 2, 2015 The fallout from the Volkswagen emissions scandal is beginning to show up on sales reports. The German car maker recorded a drop in sales of VW branded cars of three per cent in France for October, figures out yesterday from the Committee of French Automobile Manufacturers (CCFA) showed. Sales of Volkswagen cars have been coming [...]
HSBC’s ringfence relief but HQ could still move November 2, 2015 Concerns that HSBC could lose control of its UK retail arm under ring-fencing rules have been “satisfactorily” dealt with according to the bank’s chief executive. New regulations to take effect in 2019 requiring banks to “ring-fence” their high street operations had caused the bank to worry it would have no say over the capital, dividends, [...]
Venezuelan economy in worst state since 1940 – Capital Economics November 2, 2015 A lack of official economic data coming out of Venezuela has not stopped experts at Capital Economics from trying to quantify the crisis. The Capital Economics Venezuelan GDP Tracker has found the collapse in oil price as over the last 12 months has meant output is now contracting by close to 10 per cent year-on-year. [...]
